Business Setup in IFZA Free Zone
IFZA Company Formation – Start your Business Setup in International Free Zone Authority without any hassle. Contact Shuraa Business Setup for more details.
International Free Zone Authority, often known as IFZA, is one of the most popular free zones in the UAE. Over time, it has, without a doubt, established itself as a leading investment hub in the country.
IFZA takes a high ranking in the list of the most attractive free zones in the UAE. This is because it is not only located in one of the most sought-after destinations in the country but it is also highly cost-efficient. The jurisdiction is strategically located, being only 20 minutes away from Dubai International Airport and Downtown Dubai.
The jurisdiction is regulated by Dubai Silicon Oasis Authority. The free zone also comes with various IFZA free zone packages for entrepreneurs. These packages come with an array of benefits, all while being extremely pocket-friendly. IFZA gives entrepreneurs the opportunity to opt for flexi-desk or office spaces upon setting up a company.
The free zone is also constantly providing opportunities for entrepreneurs to grow and expand. For instance, it has a variety of packages with many benefits. One such example is the package that offered an IFZA lifetime visa to the investor. There are also numerous Ifza visa packages with pocket-friendly prices. Furthermore, IFZA visa costs are one of the most economical in the UAE.
Over time, IFZA has earned the reputation of being the most economical free zone in Dubai. With more plans in the books for the free zone, the possibility of growth and opportunities for entrepreneurs are endless.
IFZA business setup step by step process
The process of setting up your company in Dubai International Free Zone Authority involves the following steps:
- Decide the ideal company structure
- Apply for business registration
- Submission of all required documents
- Pay the required license fee
- Issuance of e-agreement from IFZA
- Sign e-agreement and share capital letter (only applicable for FZE & FZCO)
- Issuance of e-license
The required documents for setting up a company are as follows:
- Complete application form
- Passport copy of owner/owners
- Visa copy
- Emirates ID copy
- Two coloured passport sized photographs with white background
Advantages of IFZA company setup
Some of the advantages of business setup in IFZA include the following:
- 100% foreign ownership
- No personal, income, or corporate taxes
- Full repatriation of capital and profits
- Strategic location boosting opportunities
- No paid-up share capital required
- Wide range of business activities
- Simple and quick set up process
- World-class infrastructures
- Leasing options
- Global connectivity
- Exemption from all import and export duties; however, you can’t import into mainland
Unique features about IFZA business setup
IFZA is one of the few free zones in the UAE that stands out for its unique benefits and the opportunities it provides investors. These include:
- IFZA authorities do not require the investor to submit an annual audit report.
- The jurisdiction offers up to 3 years visa for owners and employees.
- No requirement for employee guarantee deposit to the free zone
- Physical presence of investor is not required for company formation.
Licenses offered in IFZA Dubai
As already established, there are various advantages of forming a company in IFZA. Additionally, one of the major advantages is that IFZA allows up to 7 activities under one license. The licenses issued by the jurisdiction are as follows:
- Consultancy license
- General license
- Service license
- Trading license
- Industrial license
- Holding license
IFZA is one of the few free zones in the UAE that allows for activities from different categories to be mixed. It also does not recognise e-commerce as a separate activity. However, one can still sell goods on online platforms with an IFZA general trading license.
International Free Zone License
IFZA license costs are also highly affordable. The business setup cost in IFZA starts from AED 13,900. These packages range from zero visa packages all the way to 6 visa packages. All business activities permitted in IFZA are taken from the Dubai Department of Economic Development (DED).
IFZA visa costs start from AED 3750. In addition, the free zone is constantly coming up with promotions and with improved pricing to help investors looking to get started with company formation in IFZA.
License renewal in International Free Zone Authority
The renewal process of businesses in IFZA free zone is a highly cost-effective and simple process. In order to complete the process of renewal for your company, you will need to pay the renewal fee and submit the signed lease agreement for your facility. You can renew your license through an agent without being present in the UAE.
Business liquidation in IFZA free zone
Similar to renewal, company liquidation also does not need the physical presence of the owner and can be accomplished through an agent. You will be required to pay a government fee to complete the liquidation process. Investors will be required to submit a detailed audit report at the time of license liquidation.
Company liquidation takes about 1 month to be completed and involves the following steps:
- Cancellation of visas
- Termination of lease agreement
- Closure of bank account
To find out more about various options available to set up IFZA company, contact Shuraa — one of the best business setup companies in Dubai. Shuraa helps solve your business-related queries and offers you solutions best suited for your IFZA company formation in the UAE.
To get started on your business journey and find out more, contact our expert consultants at +97144081900 or send a WhatsApp message on +971507775554. You can also drop in an email at firstname.lastname@example.org and get your queries answered in no time.
Frequently asked questions for IFZA free zone:
Can I renew my license without being in Dubai?
Yes, you can renew your license remotely using a registered agent with just an authorization letter and renewal fees.
How many days would it take to get my license for business in the IFZA free zone?
It takes less than a week to get your license to start your business in the IFZA free zone.
Do I need to have a local partner to start my company?
No, you have 100 % ownership and do not require to have a local partner to start your company.
Can I transfer my company from one free zone to another in the UAE?
It is not possible to transfer your company from one free zone to another. You can, however, set up a branch of your existing company in a different free zone.
If you want to have your company in a different free zone, you will be required to liquidate your company in the current free zone and then open your company in a different free zone.
Do I require office space to start a business in the UAE?
Yes, it is usually a requirement to have office space to set up a business in the UAE. There are various options and packages that come with choosing the right office for the right amount to suit your company.
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